§431:10D-112  Policy settlements.  Any
life insurer shall have the power to hold under agreement the proceeds of any
policy issued by it, upon such terms and restrictions as to revocation by the
policyholder and control by beneficiaries, and with such exemptions from the
claims of creditors of beneficiaries other than the policyholder as set forth
in the policy or as agreed to in writing by the insurer and the policyholder. 
Upon maturity of a policy in the event the policyholder has made no such
agreement, the insurer shall have the power to hold the proceeds of the policy
under an agreement with the beneficiaries.  The insurer shall not be required
to segregate funds so held but may hold them as part of its general assets. [L
1987, c 347, pt of §2]